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Proposed Western GECO Venture Clears U.S. Antitrust Review

HOUSTON--(BUSINESS WIRE)--Oct. 30, 2000--Baker Hughes Incorporated
(NYSE:BHI)(PCX:BHI)(EBS:BHI) announced today that the waiting period
pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as amended, with respect to the company's formation of its Western
GECO venture with Schlumberger Limited was terminated. The formation
of the venture is expected to be completed prior to the end of the
year.

Forward Looking Statements

This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The
word "expected" is intended to identify a forward-looking statement.
Baker Hughes' expectation regarding the date of the closing of the
formation of its Western GECO venture with Schlumberger Limited is
only its forecast regarding this matter. This forecasted date may be
different from the actual date of closing, which is dependent on the
following events: the attainment of all requisite regulatory approvals
under applicable foreign law for the transaction to be completed, the
lapse of all regulatory waiting periods under applicable foreign law
for the transaction to close, execution by both parties of a
definitive agreement with respect to certain employee matters and the
satisfaction or waiver of all conditions to closing contained in the
Master Formation Agreement dated September 6, 2000, between the
parties and certain of their affiliates.

Baker Hughes is a leading supplier of reservoir-centered products,
services and systems to the worldwide oil and gas industry.